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Monday, 22 October 2018, 11:52 HKT/SGT

Source: Greenland Hong Kong Holdings Ltd.
Clarification regarding certain false report involving Greenland Hong Kong Operation in Good Condition with raised rating by Moody's and S&P

HONG KONG, Oct 22, 2018 - (ACN Newswire) - Greenland Hong Kong Holdings Limited ("Greenland Hong Kong" or the "Company", stock code: 337.HK) a subsidiary of Greenland Holdings Corporation Limited ("Greenland Holdings"), clarified certain recent media reports involving the Company. The Company note that a financial commentator has recently posted a report on a website implicating the existence of certain relationship between China Huarong Asset Management Co. Ltd ("Huarong") and various listed companies and parties, including the Company and its Greenland Holdings, which spread false information and mislead the investors without setting out any justifications for such inclusion.

Greenland Hong Kong hereby clarifies that the aforesaid allegations, suggestions and implicating statements of the Report relating to the Company are inaccurate, groundless, misleading and unfair. None of the Company, the Directors or the Company's senior management were approached by the aforesaid financial commentator to address or clarify the aforesaid allegations, suggestions or implicating statements prior to the publication of the Report.

Greenland Hong Kong will consistently focus on its real estate business, further explore and preserve high-quality land parcels, expand the high-end residential market, penetrate into the core cities in Pan-Yangtze River Delta and Pan-Pearl River Delta, and address the multilevel consumers' demands in the real estate market. Since the Company has become a subsidiary of the Parent Company in late 2013, the Company, and its subsidiaries and affiliated companies (collectively the "Group") has been growing substantially and expanding into other [profitable] business segments. The unaudited contracted sales of the Group amounted to approximately RMB24,344 million with a year-on-year increase of approximately RMB2,070 million and approximately 9.29% for the nine months ended 30 September 2018. For the financial year ended 31 December 2017, the audited consolidated profit and total comprehensive income of the Group was approximately RMB1,836 million, representing a year-on-year increase of approximately 48%. As at 30 June 2018, the unaudited net asset value per ordinary share of the Company was approximately RMB3.50. The Company has a sound financial position to finance its future business growth.

In addition, Moody's, and Standard and Poor's (S&P), the international credit rating agencies, both affirmed ratings for Greenland Holdings and Greenland Hong Kong by changing rating outlook to stable in September 2018. The stable outlook for Greenland Hong Kong's ratings reflects Moody's expectation that Greenland Holding will provide Greenland Hong Kong with financial and operational support in times of need, and that Greenland Hong Kong's standalone credit profile will remain stable over the next 12-18 months; S&P continues to view Greenland Hong Kong as a strategically important subsidiary of Greenland Holdings.

Greenland Hong Kong will continuously advance the business strategy of "Real Estate +", establish property projects in sectors such as cultural and business tourism as well as medical and healthcare, reduce cost and raise efficiency, optimize investment structure, and enhance its competitiveness and market influence so as to lay a solid foundation for the business development and strive hard to create greater value for shareholders.

Greenland Hong Kong Holdings Limited
Greenland Hong Kong Holdings Limited (Stock Code: 337.HK) is the subsidiary of Greenland Group, a Fortune Global 500 company. For a development history of 26 years, Greenland Group has created the diversified development pattern of "focusing on the development of real estate market and placing an equal stress on the emerging sectors like Big Infrastructure, Big Finance, Big Consumption, Healthcare Industry and Innovation Industry", and implemented the strategy of capitalized, popularized and internationalized development. Greenland Group has secured its market presence across over 100 domestic and overseas cities across countries including the United States, Britain, Germany, Australia, Canada, South Korea, Thailand and Malaysia. Based on Greenland Holdings' mature brand image, abundant resources, large-scale system, advanced management level and passionate corporate culture, Greenland Hong Kong will comprehensively integrate all the existing resources, fully utilize the advantages of capital platform in Hong Kong, and strive to grow into the real estate pacesetter at Hong Kong's capital market.

Topic: Press release summary
Sectors: Daily Finance, Real Estate, Daily News, Const/Eng
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